Karl-Henrik Sundström, vice president and CFO of Dutch-based NXP Semiconductors, has stepped down from his position for personal reasons, effective July 2012.

Peter Kelly, NXP Semiconductors' current executive vice president and co-general manager of operations, has been appointed to succeed Sundström.

"I would like to express my deep gratitude to Kelly for playing a key role in driving significant milestones for NXP during his four-year tenure. Furthermore, I'd like to thank him for his focus, leadership and drive which has directly resulted in NXP realizing a substantially improved cost and capital structure," said Rick Clemmer, president and CEO of NXP Semiconductors.